San Diego, CA
Legal settlement could end 6% real estate commissions and reduce San Diego home prices
San Diego County homeowners could see a drop in the cost to sell properties after a historic settlement involving a national real estate agent group.
The National Association of Realtors has agreed to pay $418 million to settle a series of lawsuits that alleged the organization conspired to keep agent commissions high. As part of the deal, the association will do away with rules that led to set commissions, which typically are around 5 percent to 6 percent.
The association acknowledged the pending settlement in a statement March 15 and denied any wrongdoing.
Industry professionals say the settlement could mean a drop in commissions, which often are baked into the overall selling price of a home, and potentially lower housing costs across the nation. It’s expected to make a big difference in costly markets like San Diego.
Norm Miller, a real estate professor at the University of San Diego, said a drop in commissions to 3 percent to 4 percent would mean more money in the pockets of buyers and sellers. Though the median home price might not come down, or at least not soon, it is possible that reduced fees will motivate more sellers to put homes on the market, increasing inventory and reducing competition.
The median home price in San Diego County in January was $802,500. Assuming a seller paid 6 percent in real estate commissions, that’s about $48,000. If the commissions were 4 percent, that would be about $32,000.
Miller said there are real estate agents who are worth the fees but that a lot of them might not be.
“There are some really good agents out there that keep you out of trouble,” he said. “For some buyers and sellers, it is worth the fee because the risk is so high. The problem is, we have all these part-time, mediocre-type agents out there that don’t know what they are doing.”
A possible change in commissions comes during a tough time for those in the business of selling houses. There were roughly 23,000 real estate agents in San Diego County in January, according to the state Employment Development Department. Only 1,678 homes sold that month, a tie for the lowest sales month in county history, according to CoreLogic.
Agent Raylene Brundage, a director at the California Association of Realtors, said the change will be good for the industry by making the process more professional. As a 20-year real estate veteran, she said she’s seen part-time agents or discount brokerages make mistakes that lead to lawsuits and bad deals for clients.
“I’m a seasoned agent that is a very good negotiator,” she said. “My value is not the same as an agent that does one or two deals a year. I protect my clients.”
Consumers must pay a brokerage fee for listing their property on a multiple listing service, or MLS — 5 percent to 6 percent depending on where they live. After selling, half the fee goes to the agent representing the seller, and the buyer’s agent gets the other half.
“There are some really good agents out there that keep you out of trouble. … The problem is, we have all these part-time, mediocre-type agents out there that don’t know what they are doing.”
— Norm Miller, real estate professor
Without a set commission, agents may lower rates to compete for business. Critics often argued that buyers’ agents were more likely to steer clients to higher-priced homes as a way to get a bigger commission. The settlement requires that any fields on online databases displaying broker compensation be removed.
It will take time for San Diego County buyers and sellers to see any difference. For starters, the National Association of Realtors needs to get the deal approved in federal court. If and when it is approved, it could be awhile before its effects on fees and the industry as a whole are known.
Miller and others have suggested the change might create a new type of business model for buying and selling homes.
Also, there is speculation that a large number of real estate agents may walk away from the profession if there’s a smaller chance of a set commission, adding to difficulties with low sales figures. Investment banking firm Keefe, Bruyette & Woods said 1 million agents could leave the industry after commissions change. ◆
San Diego, CA
City considering cutting funding to resource center for those experiencing homelessness
Last week Mayor Todd Gloria released the budget proposal for the 2027 fiscal budget. Protected homeless services is among his top priorities mentioned in the proposal. However, some of the reductions he’s proposing could impact thousands of San Diegans experiencing homelessness.
Located on 17th and K Street, the Neil Good Day Center offers an array of services to nearly seven thousand people experiencing homelessness. The services include giving them a place to shower and do laundry, and connecting them to a case manager, among others.
“These are critical services that are helping people off the streets, but really better their lives and their health and their employment situation as well,” Deacon Vargas with Father Joe’s Villages said.
Deacon Jim Vargas heads Father Joe’s Villages, which runs the center. He said through their prevention and diversion strategies, they’ve managed to keep nearly one thousand individuals from falling into homelessness.
“So by helping them pay rent, or helping them with their utilities, or helping them to reunite with family,” Vargas said.
Right now, the city allocates at least $850,000 per year to the Neil Good Day Center, according to Vargas.
But the future and funding for these services are in limbo because of Mayor Todd Gloria’s proposed budget cuts.
“The impact to those whom we’ve been serving the Daily Center would be very severe,” Deacon Vargas said.
In a statement to NBC 7, Mayor Todd Gloria said in part, “We must find more efficient and cost-effective ways to address this crisis and prioritize funding for programs that provide shelter beds and maximize resources to programs that place people into permanent housing.”
Since it’s still at a proposal stage, Deacon Vargas said it’s unclear how the city will decide to move forward.
However, Deacon Vargas said services would be significantly reduced because they would be forced to operate solely on a budget of about half a million dollars they receive from philanthropy.
“The hours would be cut. Some days would be cut. We would have showers that might be impacted because they’re given seven days a week and we’d close two days a week, then the showers would be five days a week, the case management,” Deacon Vargas said.
Deacon Vargas is certain of one thing.
He would like to continue offering services at the Day Center, even if the city goes through with the funding cuts.
“As we work with individuals at the Day Center and at Father Joe’s Villages, the community becomes healthier as a result of it,” Deacon Vargas said.
The budget also recommends additional cuts to homeless services, but does not give specifics as to where those cuts would be.
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San Diego, CA
Solans, Luna, Guilavogui help RSL beat slumping San Diego, extend unbeaten streak to 6 games :: WRALSportsFan.com
SANDY, Utah — SANDY, Utah (AP) — Sergi Solans had two goals and an assist, Diego Luna added a goal and two assists, and Real Salt Lake beat San Diego FC 4-2 on Saturday night to extend its unbeaten streak to six games.
Morgan Guilavogui scored his first goal in MLS and had an assist for Real Salt Lake (5-1-1). The 28-year-old designated player has five goal contributions in his first six career games.
RSL hasn’t lost since a 1-0 defeat at Vancouver in the season opener.
San Diego (3-3-2) has lost three in a row and is winless in five straight.
Luna opened the scoring in the fifth minute when he re-directed a misplayed pass by Duran Ferree, San Diego’s 19-year-old goalkeeper, into the net.
Moments later, Solans headed home a perfectly-placed cross played by Luna from outside the right corner of the 18-yard box to the back post to make it 2-0. Solans, a 23-year-old forward, flicked a header from the center of the area inside the right post and past the outstretched arm of Ferree to make it 3-1 in the 37th minute.
Guilavogui slammed home a first-touch shot to give RSL a three-goal lead in the 45th.
Marcus Ingvartsen scored a goal in the 14th minute and Anders Dreyer converted from the penalty spot in the 66th for San Diego.
Ingvartsen has five goals and an assist this season and has 10 goal contributions (seven goals, three assists) in 16 career MLS appearances.
Rafael Cabral had three saves for RSL.
Ferree finished with five saves.
___
AP soccer: https://apnews.com/soccer
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